NuStar Energy Investor Conference Presentation Deck

NuStar U.S. Refinery Utilization (by PADD, 2019-2021) PADD 5 87% 57% 75% 2020 was a Difficult Year of Refiners, but the Outlook for 2021 U.S. Refinery Utilization is Improved PADD 4 93% 63% 92% NS Refined Products Pipeline NS Crude Pipeline NS Terminal Refinery Source: ESAI U.S. 96% 78% 2019 PADD 2 101% 88% 93% 87% 2020 2021 Low PADD 3 96% 83% 88% PADD 1 94% 54% 73% U.S. refineries exited 2020 with overall utilization only about 4% higher than the 2020 low By the end of 2021, however, U.S. refinery utilization is now expected to climb to 87% ☐ PADDs 1, 2 and 4 are projected to reach or surpass their respective 2019 rates by year end 19

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